Firefinch Limited (Mali Lithium)
Firefinch Limited (Mali Lithium)
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Western Australia-based Firefinch has updated resources at its Viper and N’Tiola deposits within the Morila Gold Project in Mali to 2.5Moz, with Viper up 128% to 3.27Mt at 1.15g/t for 119,000oz and N’Tiola up 18% to 2.90Mt at 1.03g/t for 96,000oz.
Mining at Viper, where mineralisation has now been defined over 1.5km of strike, is already underway, with mining at N’Tiola to follow soon.
Firefinch has an 80% interest in Morila and also owns 100% of the Goulamina Lithium Project, also in Mali.
Firefinch reports Dec qtr (Q4) production of 11,115oz gold from the mining of satellite pits at its 80%-owned Morila mine in Mali, down from 12,149oz in the previous period. FY21 production was 45,800oz, in line with expectations.
The company predicts March qtr production of 10,000-11,500oz.
With prestripping now under way on the Morila Super Pit, MD Michael Anderson says real value will flow for Australian-based Firefinch in H2FY2022.
Mining has resumed at the Morila Super Pit in Mali, with new 80% owner Firefinch commencing waste pre-stripping ahead of first ore production in the June qtr and targeting a ramp-up to over 100,000ozpa rate in 2022.
MD Dr Michael Anderson says meeting its development milestone sets up Firefinch to generate the full value of the high-grade mine once known as Morila the Gorilla.
JV partners Firefinch and Jianxi Ganfeng have begun early stage engineering works, sterilisation drilling and site-based activities after approving the final investment decision for the $US194-255M development of their Goulamina lithium project in S Mali.
The decision follows the completion of an updated FS last month that outlined production of 726,000tpa spodumene concentrate @ 6% Li2O over 21 years.
Mali miner Firefinch is fully funded to execute aggressive growth plans at its 80%-owned Morila gold mine after receiving firm commitments from existing and new investors to raise $A100M through the placement of 149.3M shares at 67cps, an 8% discount to its 10-day volume weighted average price.
A revised definitive feasibility study has increased the proposed production rate and more than doubled forecast economic outcomes for the Firefinch-Jiangxi Ganfeng joint venture’s Goulamina lithium project in Mali.
A DFS update has increased the proposed production rate and more than doubled forecast economic outcomes for the Goulamina lithium project in Mali, the 50-50 JV between Australian-based Firefinch and leading Chinese producer Ganfeng Lithium.
Australia-based lithium miner Firefinch expects its Goulamina lithium project in Mali to start production in late 2023/early 2024, forecasting output of 450,000tpa of spodumene concentrate, from which lithium is extracted, over the project’s 23-year lifespan and making it one of the largest developments of its kind in the world, Reuters reports.
The start of mining at the Viper deposit has helped Australian-based miner Firefinch withstand a more severe than expected wet season affecting mining operations and material handling at its 80%-owned Morila mine in Mali by producing 12,149oz gold in the Sept qtr (Q3FY2021), down from 12,550oz in the previous period and its 13,000-15,000oz guidance.
Mali government backs plans for Firefinch -Ganfeng joint venture to progress West Africa’s first large-scale hard rock lithium mine in the face of growing terrorist attacks.